BY CHINYERE OBIORA, LAGOS – Over N100 billion has so far been disbursed by the Central Bank of Nigeria (CBN) to support Micro, Small and Medium Enterprises (MSMEs) growth in Nigeria.
Similarly, the apex bank stated that another N60 billion is on ground to exclusively finance MSMEs’ activities in the agriculture and manufacturing sectors of the economy.
CBN Governor, Godwin Emefiele, said the funds disbursement aims at encouraging small scale farmers and SMEs given their critical roles in supporting the nation’s economic recovery and growth, while also creating jobs for millions of Nigerians
Speaking at the annual Bankers’ Dinner, organised by Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, Emefiele said: “The apex bank recognizes that the greatest challenge confronting the MSMEs and local farmers is access to credit, and to unlock the growth potential, they must access funding seamlessly.”
According to him, “Our efforts at supporting small scale farmers and SMEs is based on our awareness of the critical role they can play in supporting our economic recovery and growth, as well as in creating jobs for millions of Nigerians.”
He explained that though the apex bank has, through its MSME fund, disbursed over N100 billion to the MSME sector, a lot still feel needs to be done for the MSMEs to thrive as drivers of Nigeria’s economic growth.
The CBN boss further stated that with the Bankers Committee’s endorsement, over N60 billion has also been “set aside under the AGSMIES Fund to fund MSMEs in the Agriculture and Manufacturing sectors of our economy.”
He said the CBN recognizes access to credit as the greatest challenge confronting the MSMEs and local farmers, stressing that to unlock the growth potentials in Nigeria, the MSMEs must be able to access funding seamlessly.
Emefiele said “In response to this challenge, CBN will in due course take action that will directly bring banking services to the rural communities through licensing of a national Microfinance Bank to be located in all local governments in Nigeria, through which credit can be channelled to our rural communities.”
He stated that the CBN, in partnership with the fiscal authorities, will not relent in exploring and exploiting appropriate avenues to support farmers and SMEs in expanding their operations for the overall economic growth and development of the country.
